The proposed switch in accounting methods could create cash-flow nightmares for medical-service providers, accounting, engineering, consulting and other professional-services companies with revenue over $10 million.
The compromise language does not include a provision to establish a light-rail system or an increase in corporate taxes. However, the legislation would still allow for an increase in individual income taxes pending voter approval.
Indiana lawmakers voted to change a tax bill Monday, a move allowing the state to keep its current policy, which does not recognize same-sex marriages for tax purposes.
The Indiana House Ways and Means Committee is expected to vote Monday on a mass-transit bill and is considering an amendment that would require 10 percent of revenue to come from non-traditional sources.
Mayor Greg Ballard’s chief deputy has spent the past six months telling community and business leaders that the city simply cannot cut its way out of its revenue problems; it also needs to attract more people to live within city boundaries so they will pay their income tax to Indianapolis.
Indy Chamber is making the case for a commuter tax, arguing that it’s the best way to solve continual fiscal problems threatening to make Marion County, thus the whole metro area, less competitive.
Growing ranks of dropout workers have nagged the economy throughout its recovery, and now Indiana’s budget forecasters feel they can’t ignore the trend. They recently revised their outlook on state revenue downward, partly because so many Hoosiers stopped looking for jobs.
The proposal from Republican leaders would make small companies exempt from tax on business equipment, and cleave the state’s corporate income tax to the second-lowest in the nation.
Arthur Laffer is reviled by the big-government crowd for blaming high tax rates for slow economic growth. He’ll discuss his cautionary tale for states while in Indianapolis next week.
During a committee meeting Tuesday, Sen. Brent Waltz and Rep. Ed DeLaney crossed swords on a proposal that included widening roads and reforming the IndyGo bus service.
Facing pressure to boost the police force and avoid further cuts in city services, Indianapolis leaders head into the next budget season with open minds about a tax increase.
Indiana taxpayers will see their personal income tax rate reduced by 5 percent over the next four years under a budget plan agreed to Thursday by lawmakers. The plan also repeals the inheritance tax retroactive to Jan. 1.
While arguing for a 10-percent cut in the state's income tax, Pence also said he would like to see a quicker phase-out of the state's inheritance tax.
The state revenue forecast due out April 16 will influence the next two-year budget and possibly help Gov. Mike Pence sell lawmakers on his proposed 10-percent income-tax cut. Experts predict the numbers won’t be much different from those in the last forecast.
Indiana lawmakers and Gov. Mike Pence drew closer to a budget compromise Thursday with the unveiling of a $30 billion Senate plan that cuts the state income tax by $150 million and establishes a new roads fund.
House Speaker Brian Bosma says a national tea party group’s “erroneous” campaign ads have made it harder for lawmakers to support Gov. Mike Pence’s proposal to cut Indiana’s income tax by 10 percent.
Already skeptical of a mass-transit plan for the Indianapolis metro area, influential Sen. Luke Kenley said he decided it was inappropriate to be listed as a sponsor without giving the bill his unqualified support.
Indiana Gov. Mike Pence is taking his pitch for a 10-percent cut in the personal income tax around the state after failing to lock down support for his signature legislative priority inside the Statehouse.
The Indiana House has signed off on a measure that would let local residents vote for higher taxes to pay for a $1.3 billion expansion of the public transportation system.
House Republicans blocked a vote Thursday on Gov. Mike Pence's proposed tax cut, fending off — at least for now — an attempt by Democrats to force them into the awkward position of rejecting one of the new GOP governor's top legislative priorities.
